iHeartMedia Acquires Podcast Producer Stuff Media for $55 Million

iHeartMedia, the largest U.S. radio broadcaster, is betting big on the future of podcasts, acquiring Stuff Media and its dozens of podcasts on Thursday.

The deal is for $55 million, according to the Wall Street Journal, which was first to report the story. Stuff Media produces a popular slate of podcasts, including “How Stuff Works,” which pulled in 5 million streams in the U.S. — and 61 million globally — last month, according to data from Podtrac, making it the fifth most popular podcast in the world.

“While podcasting has already experienced tremendous growth, the real opportunity to bring the full potential of podcasts to the mainstream still lies ahead,” Bob Pittman, iHeartMedia chief executive, said in a statement. “Stuff Media is the original trailblazer of the podcasting industry, and we’ve been impressed by its ability to grow a massive, loyal audience over the past decade, led by a strong, experienced and cohesive management team, who we welcome to iHeartMedia.”

Combined, iHeartMedia and Stuff Media create a podcasting juggernaut; iHeartMedia, thanks to its hundreds of radio shows, had more than 5.5 million streams last month. Only NPR boasted more U.S. podcast listens last month, according to Podtrac.

iHeartMedia, which filed for Chapter 11 bankruptcy earlier this year, is investing in a small — by advertising metrics — but growing medium. Seventy-three million Americans listen to podcasts each month, doubling in audience size in the last five years, according to data from Edison Research.

“We’re in a period of renaissance in audio,” Pittman told WSJ. “Our strategy has not been, ‘Let’s do radio.’ It’s been, ‘Let’s be where our listeners are.'”

Privately-held Stuff Media secured $15 million in funding last year from Raine Group. Wednesday’s deal is one of the biggest in podcast history, and comes after Pandora acquired AdWizz, a digital outlet that supplies podcast ads, in May for about $145 million.

The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.

House Intelligence Committee

Many posts pushed the narrative that Hillary Clinton would confiscate guns if she were elected President.

House Intelligence Committee

This graphic meme painted cops as KKK members attacking a young black child.

House Intelligence Committee

Only "sissies" and other undesirables wouldn't support Donald Trump, many of the memes said.

House Intelligence Committee

President Obama was a "pawn" and "traitor" in the hands of "Arabian Sheikhs," said one 2016 ad.

Russian trolls also used Instagram to spread sponsored political memes.

House Intelligence Committee

The "Blacktivist" page routinely shared memes on Colin Kaepernick and other football players kneeling during the national anthem.

House Intelligence Committee

"Heart of Texas" routinely posted on "Killary Rotten Clinton," and threatened to secede from the union if she won the election.

House Intelligence Committee

The "Being Patriotic" page labeled ex-cons as "Obama voters."

House Intelligence Committee

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Congress just released 3,500 posts touching on a myriad of topics

The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.